UNB, Sangsad :
The government has taken an initiative to install Electronic Fiscal Device (EFD) in business units for ensuring transparency in VAT collection system as the highest portion of revenue is collected from VAT and Supplementary Duty.
Finance Minister AMA Muhith announced the new initiative while placing the budget for the next fiscal in Parliament on Thursday.
He said the target for the National Board of Revenue (NBR) for the next fiscal has been set at Tk 296,201 crore. The highest revenue of Tk 110,543 crore will come from VAT while Income Tax and Other Direct Taxes will contribute Tk 102,201 crore.
The import and export tax will provide Tk 32,589 crore to the national exchequer while supplementary duty will contribute Tk 48,766 crore, excise duty Tk 2,091 crore crore and Turnover Tax will Tk 11 crore.
Among all the revenues collected by NBR, he said, the highest portion of
revenue is being collected from VAT and supplementary duty.
“As part of digitalising the VAT administration to strengthen the revenue base, the government has taken initiatives to introduce VAT Online system,” he said.
Muhith mentioned that 105,000 units have already availed of online VAT registration facility.
The Finance Minister said the NBR collects almost 85 percent of the total revenue and the impetus of revenue collection has been quite good in recent years.
“The average growth of NBR revenue collection in this decade is more than 17 percentages, which is the highest in last 4 decades. As a result, our tax-GDP ratio is increasing gradually although not to our satisfactory level.” The Finance Minister put emphasis on the collection of adequate revenue from internal sources to continue current economic progress. “We’ve emphasised collection of revenue not by increasing tax rate but through expansion of tax base and encouraging self-compliance by reforming the existing tax system.”
The government has taken an initiative to install Electronic Fiscal Device (EFD) in business units for ensuring transparency in VAT collection system as the highest portion of revenue is collected from VAT and Supplementary Duty.
Finance Minister AMA Muhith announced the new initiative while placing the budget for the next fiscal in Parliament on Thursday.
He said the target for the National Board of Revenue (NBR) for the next fiscal has been set at Tk 296,201 crore. The highest revenue of Tk 110,543 crore will come from VAT while Income Tax and Other Direct Taxes will contribute Tk 102,201 crore.
The import and export tax will provide Tk 32,589 crore to the national exchequer while supplementary duty will contribute Tk 48,766 crore, excise duty Tk 2,091 crore crore and Turnover Tax will Tk 11 crore.
Among all the revenues collected by NBR, he said, the highest portion of
revenue is being collected from VAT and supplementary duty.
“As part of digitalising the VAT administration to strengthen the revenue base, the government has taken initiatives to introduce VAT Online system,” he said.
Muhith mentioned that 105,000 units have already availed of online VAT registration facility.
The Finance Minister said the NBR collects almost 85 percent of the total revenue and the impetus of revenue collection has been quite good in recent years.
“The average growth of NBR revenue collection in this decade is more than 17 percentages, which is the highest in last 4 decades. As a result, our tax-GDP ratio is increasing gradually although not to our satisfactory level.” The Finance Minister put emphasis on the collection of adequate revenue from internal sources to continue current economic progress. “We’ve emphasised collection of revenue not by increasing tax rate but through expansion of tax base and encouraging self-compliance by reforming the existing tax system.”
